Fisher Asset Management LLC Increases Stake in Old National Bancorp (NASDAQ:ONB)

Fisher Asset Management LLC raised its holdings in shares of Old National Bancorp (NASDAQ:ONB) by 2.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,186,132 shares of the bank’s stock after acquiring an additional 90,747 shares during the quarter. Fisher Asset Management LLC owned approximately 1.00% of Old National Bancorp worth $59,453,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Studio Investment Management LLC grew its holdings in Old National Bancorp by 2.6% during the third quarter. Studio Investment Management LLC now owns 20,803 shares of the bank’s stock valued at $388,000 after purchasing an additional 524 shares during the period. CWM LLC increased its holdings in Old National Bancorp by 0.7% in the 3rd quarter. CWM LLC now owns 87,365 shares of the bank’s stock worth $1,630,000 after acquiring an additional 591 shares in the last quarter. Forum Financial Management LP raised its stake in Old National Bancorp by 3.9% during the 2nd quarter. Forum Financial Management LP now owns 20,152 shares of the bank’s stock worth $346,000 after acquiring an additional 748 shares during the period. GAMMA Investing LLC lifted its holdings in Old National Bancorp by 194.8% during the second quarter. GAMMA Investing LLC now owns 1,521 shares of the bank’s stock valued at $26,000 after purchasing an additional 1,005 shares in the last quarter. Finally, Securian Asset Management Inc. boosted its position in shares of Old National Bancorp by 4.6% in the second quarter. Securian Asset Management Inc. now owns 25,186 shares of the bank’s stock worth $433,000 after purchasing an additional 1,119 shares during the period. Institutional investors own 83.66% of the company’s stock.

Wall Street Analysts Forecast Growth

ONB has been the topic of a number of recent analyst reports. StockNews.com raised Old National Bancorp from a “sell” rating to a “hold” rating in a report on Monday. Barclays boosted their price target on Old National Bancorp from $22.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.43.

Old National Bancorp Price Performance

NASDAQ ONB opened at $22.94 on Tuesday. The company has a market cap of $7.32 billion, a PE ratio of 13.90 and a beta of 0.82. The firm’s 50 day moving average price is $19.63 and its 200-day moving average price is $18.52. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.92 and a current ratio of 0.92. Old National Bancorp has a 52-week low of $14.32 and a 52-week high of $23.76.

Old National Bancorp (NASDAQ:ONB) last announced its quarterly earnings results on Tuesday, October 22nd. The bank reported $0.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46. The business had revenue of $485.86 million for the quarter, compared to the consensus estimate of $482.20 million. Old National Bancorp had a return on equity of 10.10% and a net margin of 17.93%. The business’s revenue was up 6.5% compared to the same quarter last year. During the same period last year, the business posted $0.51 EPS. Sell-side analysts forecast that Old National Bancorp will post 1.84 EPS for the current fiscal year.

Old National Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Thursday, December 5th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date is Thursday, December 5th. Old National Bancorp’s payout ratio is currently 33.94%.

About Old National Bancorp

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.